The Nigerian equities market had shown promising signs leading up to Easter 2026, with a remarkable 29.35% increase in the first quarter, marking the best quarterly performance since Q1 2024. The All-Share Index climbed from an opening of 155,612.9 to close at 201,287.8, reflecting strong investor sentiment.

However, as Easter approached, the market exhibited a more cautious stance. By April 6, 2026, the Nigeria stock market recorded a capital appreciation of over N837 billion, with the NGX market capitalisation rising to N129.806 trillion from N128.806 trillion the previous week. The NGX All Share Index appreciated by 0.4% week on week, settling at 201,698.89 points.

Despite these positive indicators, trading activity took a downturn. The trading volume declined by 27.7% week on week, while the trading value saw a more significant drop of 42.9%. This decline raised concerns among investors about the sustainability of the market’s recent gains.

Sector performance was mixed during this period. The Banking Index rose by 0.7%, indicating some resilience, while the Insurance Index experienced a decline of 4.2%. This divergence highlights the varying dynamics within different sectors of the market.

On the NASD Over-the-Counter Securities Exchange, the situation was less favorable. The exchange recorded a 3.8% week-on-week decline in Week 14 of 2026, with its market capitalisation decreasing by N95.36 billion to N2.417 trillion. The NASD Unlisted Securities Index also fell by 159.39 points to 4,040.30 points.

Looking ahead, analysts at Cordros Capital suggest that the market is likely to trade with a cautious bias, as investors position themselves ahead of the first quarter earnings reports. Similarly, analysts at InvestData Consulting Limited anticipate a narrow trading range in the short term, supported by sector rotation and bargain hunting.

Overall, the cautious trading during Easter 2026 reflects a shift from the earlier bullish sentiment, as investors weigh the implications of declining trading activity against the backdrop of recent capital appreciation.

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Kuda Technologies Limited, a Nigerian fintech company, has laid off hundreds of employees as part of a company-wide restructuring initiative. This decision comes in the wake of a strategic review aimed at aligning the workforce with the company’s long-term operational priorities.

The layoffs have affected multiple departments, including marketing, where nineteen of the unit’s 40 employees were impacted. Kuda’s spokesperson emphasized that this restructuring is not driven by financial pressure but is part of the natural evolution of a company at its stage, aligning with industry benchmarks.

In recent years, Kuda has seen a significant narrowing of its losses, from $35.11 million in 2023 to $5.83 million in 2024. The company currently boasts about seven million registered customers and processed over 300 million transactions worth ₦14.3 trillion (approximately $9.3 billion).

In 2024, Kuda raised $20 million in external funding, achieving a valuation of $500 million. The company issued ₦16.4 billion in overdrafts, marking a 43% increase from the previous quarter, indicating a strong operational performance despite the layoffs.

Severance packages offered to affected employees will vary based on role and tenure, with some individuals potentially receiving up to seven months’ pay. Kuda has committed to supporting those impacted with enhanced severance packages and practical transition support.

The spokesperson stated, “Kuda is evolving how the organization is structured to support the next phase of our growth and scale.” This restructuring is seen as a necessary step to ensure the company can continue to serve its customers effectively while pursuing long-term growth.

As Kuda moves forward, observers are keen to see how these changes will impact its operational capabilities and overall market position. The company aims to align its workforce strategically to meet future challenges and opportunities in the fintech landscape.

Details remain unconfirmed regarding the exact number of employees affected across all departments, but the restructuring reflects a significant shift in Kuda’s operational strategy.

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On March 18, 2026, Odu’a Investment Company Limited announced the acquisition of a 10 per cent minority equity stake in FCMB Pensions Limited. This strategic investment is expected to bolster the pension fund administrator’s operations and expand its reach within Nigeria’s financial landscape.

The acquisition has received the necessary approvals from the National Pension Commission and the Central Bank of Nigeria, ensuring compliance with regulatory requirements. Additionally, the Securities and Exchange Commission has been notified of the transaction, marking a significant step in the formalization of this partnership.

Odu’a Investment Company Limited, which is jointly owned by the governments of the six South-west states of Nigeria, is known for managing a diversified portfolio across various sectors. This investment reflects the company’s strategy of partnering with strong institutions that operate in sectors crucial to Nigeria’s long-term economic stability and growth.

FCMB Pensions Limited, a licensed pension fund administrator regulated by the National Pension Commission, currently manages over ₦1.1 trillion in Assets Under Management as of December 2025. The partnership aims to support FCMB Pensions’ strategic objectives and enhance its capabilities in the competitive pension industry.

Otunba Bimbo Ashiru, the Group Chairman of Odu’a Investment Company Limited, commented on the acquisition, stating, “This investment reflects Odu’a’s strategy of partnering strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth.” This statement underscores the importance of the pension industry in mobilizing long-term savings and strengthening the financial system.

Mr. Abdulrahman Yinusa, the Group Managing Director of OICL, expressed confidence in the partnership, saying, “Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership and long-term potential.” This sentiment highlights the optimistic outlook for the collaboration between the two organizations.

The pension industry plays a critical role in mobilizing long-term savings in Nigeria, and this acquisition is seen as a strategic move to enhance the sector’s growth. Odu’a Investment Company Limited’s involvement is expected to bring additional resources and expertise to FCMB Pensions Limited, further solidifying its position in the market.

As the partnership develops, stakeholders will be closely monitoring its impact on the pension landscape in Nigeria. Details remain unconfirmed regarding the specific initiatives that will arise from this collaboration, but the initial reactions indicate a positive trajectory for both entities involved.

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A Lagos federal high court has ordered the restoration of the former board of Union Bank, led by Farouk Mohammed Gumel, in a ruling that challenges the authority of the Central Bank of Nigeria (CBN). The court determined that the CBN acted beyond its powers when it dissolved the bank’s board and management in January 2024.

The court’s decision quashed all actions taken by the CBN-appointed board, mandating the immediate reinstatement of the former management. Additionally, the ruling restrained the CBN and its appointed board from pursuing any recapitalization efforts or related activities, effectively halting their plans.

This ruling follows the CBN’s controversial announcement in January 2024, which led to the dissolution of Union Bank’s board and management. Core shareholders of the bank subsequently filed a motion seeking a judicial review of the CBN’s actions, culminating in this significant court ruling.

In acknowledging the judgment, the CBN stated that it is reviewing the court’s decision carefully. The central bank reassured the public that Union Bank’s status remains unchanged and that it continues to meet its obligations to customers.

However, industry experts have expressed concerns regarding the implications of the ruling. Chika Mbonu warned that the court’s decision could undermine depositor confidence and disrupt banking operations. “Banking is almost essentially a confidence game… the depositors want to make sure their money is safe,” Mbonu stated, emphasizing the risks associated with uncertainty in governance.

Mbonu further cautioned that if the situation is not resolved swiftly, it could lead to a prolonged conflict between the CBN and Union Bank. He noted, “If things are not resolved quickly… it can become a war of attrition.”

Despite the CBN’s assurances that Union Bank is safe and capable of fulfilling its day-to-day obligations, the potential impact of the ruling on depositor confidence and overall banking operations remains unclear. Details remain unconfirmed regarding whether the current board can continue to carry out administrative actions after the court ruling.

For the CBN, this ruling represents a significant setback, as it must ensure compliance with legal standards moving forward. Mbonu remarked, “For the CBN, I think it’s a major setback… they have to make sure they dot all the ‘i’s and cross all the ‘t’s.” As the situation develops, stakeholders will be closely monitoring the implications of this ruling on the banking sector in Nigeria.

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Prior to the recent court ruling, the Central Bank of Nigeria (CBN) had dissolved the board and management of Union Bank in January 2024, leading to significant changes in the bank’s leadership. This action was met with considerable pushback from the bank’s core shareholders, who challenged the legality of the CBN’s decision.

On March 25, 2026, the Federal High Court in Lagos delivered a decisive ruling, nullifying the CBN’s earlier dissolution of Union Bank’s board and management. Justice Chukwujekwu Aneke ordered the immediate reinstatement of the former leadership, effectively invalidating all actions taken by the CBN regarding the bank’s management.

The court’s decision also included a restraining order against the CBN, preventing it from taking further steps concerning Union Bank, including any actions related to recapitalization. This ruling marked a significant shift in the governance of Union Bank, reinstating the leadership that had been in place prior to the CBN’s intervention.

In January 2024, the CBN had appointed Yetunde Oni as Managing Director/CEO and Mannir Ubali Ringim as Executive Director, but these appointments were rendered moot by the court’s ruling. The core shareholders of Union Bank had previously sought interim relief, which was granted by the court on December 5, 2025, highlighting the ongoing legal battle over the bank’s leadership.

Following the court ruling, the CBN is now in the process of obtaining a Certified True Copy of the court’s decision regarding its takeover of Union Bank. The central bank has expressed its commitment to operate within established legal processes, emphasizing the importance of adhering to the rule of law in financial governance.

Justice Aneke’s statement underscored the court’s position, noting, “The court has effectively invalidated all actions taken by the apex bank in respect of the bank’s leadership change.” This ruling not only reinstates the former board but also raises questions about the CBN’s authority and its future actions concerning Union Bank.

In response to the ruling, the CBN reassured the public, stating, “The CBN assures Nigerians that the status of the Union Bank remains unchanged and is able to meet its obligations to customers, depositors, and stakeholders.” This statement reflects the central bank’s intention to maintain stability in the banking sector despite the legal challenges it faces.

The outcome of this case is likely to have lasting implications for Union Bank and its stakeholders, as well as for the regulatory landscape in Nigeria’s banking industry. As the situation develops, the focus will be on how the CBN navigates its relationship with Union Bank moving forward.

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Bitcoin has changed the world since its first official commercial transaction in 2010. As of March 24, 2026, Bitcoin is trading just above $70,000, following a drop to its lowest levels in two weeks. This recent decline reflects the ongoing downward trend since its all-time high of $126,000 in November 2025.

On March 23, 2026, Bitcoin recovered nearly 5% after news of a pause in US military action toward Iran, indicating that geopolitical factors continue to play a significant role in influencing market sentiment. Analysts suggest that Bitcoin could test resistance between $74,000 and $76,000 if oil prices stabilize, while the lower boundary of its consolidation range remains between $60,000 and $62,000.

Joel Kruge commented on the recent price movements, stating, “The move reflects a classic risk-on snapback, with prices rebounding from forced liquidations and positioning washouts that had briefly pushed bitcoin.” However, market observers remain cautious, as the potential for Bitcoin to fall back to the mid-$60,000 level exists if shipping restrictions continue in the Strait of Hormuz.

The Fibonacci 100% extension target for Bitcoin is set at $35,000, representing a potential decline of approximately 50% from its current price. @rektcapital warned, “Historically, Bitcoin tends to experience deep downside over time whenever it breaks down from its Macro Triangle,” while @0xLofty speculated that if the pattern hasn’t broken, Bitcoin could dump to $30,000 in two weeks.

Despite these fluctuations, institutional demand appears to support Bitcoin’s recovery, as spot ETFs have recorded fresh inflows. Paul Howard noted that Bitcoin and Ethereum prices seem relatively unphased by the ongoing conflict in the Middle East this past month.

Details remain unconfirmed regarding the exact timeline for Bitcoin’s price recovery, and the impact of geopolitical developments on Bitcoin’s price remains unclear. A sustained daily close below $60,000 would activate bearish scenarios for Bitcoin, indicating that market participants should remain vigilant in the coming days.

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As of March 12, 2026, the dollar to naira black market exchange rate stands at ₦1,410 for buying and ₦1,420 for selling. This marks a notable divergence from the official exchange rate, which was recorded at ₦1,376.19 per dollar on March 11, 2026.

Market Dynamics

The recent fluctuations in the naira’s value can be attributed to various factors, including import demand, limited official foreign exchange supply, inflation, and prevailing market sentiment. On March 11, 2026, the Nigerian naira appreciated by ₦25.21, or 1.8%, against the dollar in the official market, indicating some strengthening of the currency.

Black Market Operations

In the black market, operators are currently buying the United States dollar at ₦1,410 and selling it at ₦1,420, resulting in a spread of ₦10 between the buying and selling rates. This independent market operates outside the framework regulated by the Central Bank of Nigeria, which does not recognize the parallel market.

The dollar to naira exchange rate remains one of the most closely tracked economic indicators in Nigeria. The dynamics of this exchange rate have been influenced by various economic conditions over the years, including changes in foreign reserves and government policies. Recently, Nigeria’s foreign reserves topped ₦50 billion for the first time since January 2009, which may have implications for the exchange rate moving forward.

Official Stance

The Central Bank of Nigeria’s stance on the black market is clear; it does not acknowledge its existence. This has led to ongoing debates about the effectiveness of the official exchange rate and the challenges faced by individuals and businesses relying on the black market for foreign currency transactions.

Reactions and Implications

Initial reactions to the current exchange rates have been mixed, with some market participants expressing concern over the widening gap between the official and black market rates. The disparity raises questions about the stability of the naira and the overall economic health of Nigeria.

Looking Ahead

As the situation develops, stakeholders in the Nigerian economy will be closely monitoring the dollar to naira exchange rate. The interplay between market forces and government policies will likely continue to shape the currency’s trajectory in the coming weeks. Details remain unconfirmed regarding any immediate measures that may be taken to address the exchange rate disparities.

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The price of silver is currently at ₹2.80 lakh per kilogram in India. This figure reflects the ongoing fluctuations in the global market, which has seen significant movements recently.

Global Market Context

As of today, the global price of silver is close to $87.18 per ounce. This marks a notable increase from the previous close of $84.52, indicating a daily change of +4.00%.

Today’s trading has shown a daily high of $88.49 and a low of $86.80, demonstrating the volatility that has characterized the silver market in recent days.

Recent Trends

Domestic rates in India have softened today by approximately ₹100 per kg from yesterday, reflecting the broader trends in the international market. This slight decline comes amid ongoing geopolitical tensions and the fluctuating strength of the US dollar, both of which significantly influence silver prices.

Initial reactions from market analysts suggest that the current price adjustments are a response to these external factors. Observers note that the interplay between geopolitical events and currency strength will continue to shape the silver market in the coming days.

Looking Ahead

As the situation develops, market participants are closely monitoring these trends to gauge future movements in silver prices. Analysts anticipate that any further geopolitical developments could lead to increased volatility in the market.

Details remain unconfirmed regarding the long-term implications of today’s price changes, but the current landscape suggests that traders should remain vigilant.

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Ladi Balogun, CEO of FCMB Group Plc, stated, “Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence.” This announcement marks a significant milestone for the bank, which has successfully completed its N500 billion capital raise for its banking subsidiary.

The capital raise was achieved through a public offer that generated approximately N231.8 billion in gross proceeds, alongside an additional N11.0 billion raised through the minority divestment of FCMB Pensions Limited. This strategic move comes as part of FCMB’s efforts to comply with the Central Bank of Nigeria’s regulations.

Prior to this successful capital raise, FCMB Group had initially announced plans to raise N340 billion in 2024, which was later revised to N370 billion in 2025 and subsequently increased to N400 billion in November 2025. As of December 31, 2025, the bank’s verified eligible capital stood at N266.5 billion, highlighting the urgency of this recapitalisation.

FCMB Group has received the necessary approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission, ensuring compliance with regulatory standards. The deadline set by the Central Bank for banks to meet the new minimum capital requirements is March 31, 2026.

As of March 6, 2026, thirty banks have successfully met the new minimum capital requirements, reflecting a robust response from the banking sector to regulatory changes. FCMB Group reported a pre-tax profit of N200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to N176.91 billion compared to the previous year.

In a follow-up statement, Balogun expressed gratitude, saying, “FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone.” This recapitalisation positions FCMB Group favorably within the competitive banking landscape.

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“Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence,” stated Ladi Balogun, CEO of FCMB Group Plc.

FCMB Group Plc has successfully completed its N500 billion capital raise for its banking subsidiary, First City Monument Bank Limited. This significant milestone was achieved through a public offer that raised approximately N231.8 billion in gross proceeds and an additional N11.0 billion from the minority divestment of FCMB Pensions Limited.

The completion of this recapitalisation comes as part of FCMB’s efforts to meet the new minimum capital requirement set by the Central Bank of Nigeria, which is essential for obtaining an international banking licence. As of December 31, 2025, FCMB’s verified eligible capital stood at N266.5 billion, indicating a substantial gap that needed to be addressed.

In a broader context, FCMB Group had initially announced plans to raise N340 billion in 2024, which were subsequently increased to N370 billion in 2025 and then to N400 billion in November 2025. This evolution in capital raising reflects the bank’s commitment to strengthening its financial position.

As of March 6, 2026, thirty banks have successfully met the new minimum capital requirements, showcasing a competitive banking environment in Nigeria. FCMB Group reported a pre-tax profit of N200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to N176.91 billion compared to the previous year.

FCMB Group expressed its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone. The recapitalisation deadline set by the Central Bank of Nigeria is March 31, 2026, and FCMB’s successful completion positions it well within this timeline.

This recapitalisation not only enhances FCMB’s financial stability but also aligns with regulatory expectations, paving the way for future growth and expansion in the banking sector.

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